Oakwood Partners with Mitsui Fudosan to Launch Japan Serviced Apartments

Oakwood Worlwide, a leading global provider of serviced apartments will expand its presence to Japan in a joint venture with Mitsui Fudosan, a major real estate development firm. The joint venture will develop serviced apartments throughout Japan with an emphasis on Tokyo and Osaka. Prior to the joint venture agreement, Oakwood Worldwide opened its first serviced apartment property in Tokyo, Oakwood Residence Akasaka.

Serviced apartments combine the spacious comfort of a furnished residence with hospitality services such as a 24-hour front desk and housekeeping service. They are leased short term and long term to primarily business travelers and foreign expatriates however, leisure travelers make up a percentage of the tenancy.

Oakwood Worlwide will combine its 50 years of serviced apartment management experience with Mitsui Fudosan which owns the largest supply of condominiums in Japan. The joint venture will be a limited-liability company based on Japanese law with capital shares of 90% by Oakwood Asia Pacific and 10% by Mitsui Fudosan. Oakwood Asia Pacific is a joint venture between Oakwood Worldwide and Colony Capital. In addition to Tokyo, Oakwood Asia Pacific's portfolio includes properties in Bangkok, Thailand; Guangzhou, China; and Manila, Philippines.

Oakwood Worldwide will establish a sales office in Tokyo to help Japanes clients acquire outbound reservations to other Oakwood serviced apartments around the world. The serviced apartment provider is also looking to develop and convert other properties throughout Japan in the next few years.

Oakwood is able to secure serviced apartment housing when and where you need it through a network of Global Referral Partners, Accredited Providers, and a unique Hotel Program. Oakwood's advanced technologies are designed to keep information about your housing program at your fingertips.

Oakwood offers you relief from multiple paper bills by consolidating all of a company employees' move-in information in a secure online personalized portal. The advanced system also provides reporting that can help you recap and forecast your company's housing expenditures.

Oakwood Worldwide was founded nearly 50 years ago and is currently the leading provider of temporary furnished and serviced apartments across the globe. With nearly 23,000 furnished and unfurnished residences in 4,000 locations throughout North America, Europe, and Asia, Oakwood offers a full spectrum of serviced apartment solutions to meet the needs of business and leisure travelers.